JPMorgan Chase & Co. Issues Pessimistic Forecast for Montrose Environmental Group (NYSE:ONT) Stock Price

Montrose Environmental Group (NYSE:ONT) had its price target dropped by JPMorgan Chase & Co. from $24.00 to $22.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 8.48% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Barclays reduced their target price on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 18th. Weiss Ratings reissued a “sell (d)” rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Zacks Research upgraded Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Finally, Needham & Company LLC reduced their price objective on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.00.

Montrose Environmental Group Stock Down 3.2%

Shares of ONT stock traded down $0.67 during trading hours on Monday, hitting $20.28. 182,946 shares of the company were exchanged, compared to its average volume of 490,930. The business has a 50 day moving average of $17.74 and a two-hundred day moving average of $21.51. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76. Montrose Environmental Group has a 52 week low of $14.13 and a 52 week high of $32.00. The company has a market capitalization of $732.90 million, a PE ratio of 405.68, a PEG ratio of 1.56 and a beta of 1.67.

Insider Activity

In related news, CFO Allan Dicks purchased 6,535 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the purchase, the chief financial officer directly owned 218,178 shares in the company, valued at $3,351,214.08. This trade represents a 3.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter Graham purchased 25,140 shares of the stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the transaction, the director directly owned 256,689 shares in the company, valued at approximately $4,412,483.91. The trade was a 10.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 36,535 shares of company stock worth $610,003 in the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently made changes to their positions in ONT. Advisory Services Network LLC acquired a new position in Montrose Environmental Group during the third quarter worth $32,000. Canada Pension Plan Investment Board lifted its stake in Montrose Environmental Group by 533.3% in the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after acquiring an additional 1,600 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Montrose Environmental Group in the 4th quarter valued at about $75,000. Tower Research Capital LLC TRC grew its position in shares of Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after acquiring an additional 1,508 shares during the period. Finally, Assetmark Inc. acquired a new position in shares of Montrose Environmental Group during the 4th quarter worth about $84,000. 87.87% of the stock is owned by institutional investors.

About Montrose Environmental Group

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.